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U.S. Futures are Higher Ahead of FOMC Minutes #Fed #FOMC #Powell

U.S. futures are higher ahead of FOMC minutes. Later today the Fed will release the minutes from their July meeting in which they lowered rates by 25 basis points in what was labeled a “midcycle adjustment”. Markets will look for additional clues for future policy considerations. On the data front, mortgage applications fell slightly by 0.9% as rates stabilized, one week after applications surged nearly 22%. Later this morning markets will get a look at existing home sales from July. Retail stocks are getting a boost today after Target reported better-than-expected earnings and revenue and lifted guidance for the remainder of the year. European stocks are broadly higher with automotive stove leading the gains. Italy’s markets are higher despite the resignation of Prime Minister Giuseppe Conte. Asian shares closed mixed with Chinese shares managing small gains.